Generally revise energy laws

SB 355 revises electric utility laws by implementing a competitive bidding process for the construction of new electric transmission line projects. This process directly affects incumbent electric utilities and other entities seeking to build transmission infrastructure. For projects valued at $8 million or more, incumbent electric utilities must conduct a competitive bid, though they are permitted to participate in the bidding. Ultimately, the incumbent electric utility retains the right to own and maintain the completed transmission line, regardless of who constructs it.